FED:Myer execs take a pay cut

Myer chief executive Bernie Brookes' remuneration fell sharply in the last financial year after the retailer failed to meet its incentive targets.

Mr Brookes was paid a cash salary of $1.63 million for the year to June 30, up slightly from $1.6 million the previous year.

But up to $950,000 worth of long-term incentive share-based payments were foregone by the chief executive, meaning a sharp fall in total remuneration from the previous corresponding year's $5.45 million.

Short-term incentives for the 2010/11 financial year were also not paid to Myer's executives, because earnings for the period failed to meet the required minimum threshold, Myer's annual report stated.

Earnings fell by more than four per cent from the previous financial year.

Myer's total executive remuneration for 2010/11 was $5.4 million, down from $17.3 million in the previous year.

Meanwhile, Mr Brookes said the Myer's business model would allow it to meet the challenges of the retail environment.

"Although the retail environment remains extremely challenging, our strong, experienced and committed team will continue to manage the business appropriately," he said in the report.

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